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repairing credit. looking for best options.

I am researching ways to clean up my credit. got a pretty sweet offer on debt consolidate loan. Will this negatively effect my credit or help me? currently score is 510, mid score. by gtaylor503 from Henderson, Tennessee. Jul 30th 2019 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Credit repair pretty straight-forward. It just might not go as fast as people think. First, no more negative information. Next, pay down credit cards to as close to zero as possible, and keep the balances low or zero. You DO NOT need to charge up and pay down to build credit. Pay off collections. Many find it easier to start with small balance ones, and work up to large balance ones. Another big tip is to pay the most recent ones first. Some of the really old ones can be just left alone in many cases. Square up on any judgments. Finally, establish new credit if you don't have any current credit. This is especially important as the credit reports see's your old negative stuff, but want to really know how you handle things today. For most people, credit didn't get wrecked overnight, and repairs may take awhile. But if you do nothing, nothing will change. If you do something, something will change, and usually for the better.

Jul 31st 2019
Dave Skow (daveskow)
#16 ranked lender in Washington - 315 contributions

it may hurt in the short run and help in the long run - keep current .....keep revolving account balances under 60% of max limits ....keep a min of 2 accounts open / active / current ...close any accounts not needed or not used

Aug 1st 2019
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